Nedbank's interim profits jump 26%

Source: Reuters.

Headline earnings per share, the main measure of corporate profit in South Africa, came in at 1,370 South African cents ($0.8258) for the six months to June 30, compared with 1,084 cents a year earlier.

The bank announced an interim dividend of 783 cents per share.

South African lenders have rebounded from Covid-19 lows earlier than expected, but are expected to tread a fine line between high local unemployment worsened by rising inflation and a higher interest-rate regime which is a positive for banks.

Nedbank, which posted an 11% jump in revenue, said it expected inflation to peak in the third quarter at around 7.8% and that it was on track to exceed its 2019 profit figures by the end of 2022.